Maryland Homestead Property Tax Break

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Maryland homeowners eligible for the Maryland Homestead Property Tax Credit need to file a one-time application by December 31st with the State in order to continue to take advantage of this benefit. The Maryland Homestead Property Tax Credit acts as a cap on the increase in property taxes a homeowner can face as the result of a property value’s reassessment. The cap varies by jurisdiction. For example, in Baltimore City and Baltimore County the cap is 4% per year.

This tax break is available only for one property actually used as the property owner’s principal residence. Previously, the Homestead Credit was automatic. However, in an effort to thwart the Homestead Credit from going toward vacation homes or property rentals, in 2007 the Maryland General Assembly imposed a formal application process, whereby homeowners need to submit a one-time application by December 31, 2012 to establish eligibility for the Homestead Credit.

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Published In: Residential Real Estate Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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